PaintSquare.com


The First Word in Protective & Marine Coatings

A Product of Technology Publishing / PaintSquare
JPCL | PaintSquare News | Durability + Design | Paint BidTracker

Paint and Coatings Industry News

Main News Page


Valspar Posts ’08 Gains

Tuesday, January 20, 2009

Comment | More

Despite soaring raw-materials costs and the economic downtown, Valspar increased its net sales for 2008 by 7.2 percent to $3.48 billion, including a 10.9 increase in sales in the company’s coatings segment, the company reported. Paints segment sales grew by 3.5 percent, and the company increased its dividend to shareholders for the 31st consecutive year.

 

“We were pleased with the company’s accomplishments in 2008,” the company said in a letter to shareholders. “Our focus on execution and operational discipline was essential to increased sales and improved productivity. We enhanced our competitive position through the growing strength of our Valspar, Cabot and Huarun brands and expanded our global presence.

 

“Our disciplined financial management strengthened our balance sheet, and we enter 2009 with reserve liquidity in excess of our anticipated funding needs.

 

Driven by the strong performance of its acquisitions, Valspar’s sales outside of the United States increased to $1.42 billion and now account for more than 40 percent of total company sales.

 

The company initiated a global restructuring effort in July, enabling it to lower its cost structure. Net income for 2008 totaled $150.8 million, down $21.3 million from $172.1 million in 2007, due to after-tax restructuring charges of $15.8 million, or $0.16 per share, and the impact of the time lag between significant increases in raw material costs and the effect of increased prices for our products. Adjusted earnings per share, excluding restructuring charges, were $1.66 in 2008 and $1.68 in 2007.

 

The companyreduced total debt by $94 million and improved its debt-to-capital ratio to 38.8% from 42.4% in 2007.

 

In February, the Board of Directors elected Gary E. Hendrickson as President and Chief Operating Officer, and elected Lori A. Walker as Senior Vice President and Chief Financial Officer.

   

Tagged categories: Valspar

Comment Join the Conversation:

Sign in to our community to add your comments.

Absolute Equipment/Grand Rental Station
Portable Power from Absolute Equipment

•Compressors
•Lighting Systems
•Generators
•Light Compaction
Sales • Rental • Service
Call 1-866-931-6655
Over a century of
providing excellence.


Elcometer, Inc.
Durability & Design meet
Performance & Reliability

Elcometer 319 Dewpoint Meter
View the technical data on the Elcometer Dewpoint meter.


Mitsubishi Gas Chemical America
Performance Amine 1,3-BAC

A highly reactive cycloaliphatic diamine offering superior performance. Reasonable cost and curing efficacy makes it suitable for all types of epoxy resin applications.


International Paint LLC

International Paint Engineered Coatings

Learn about our solutions for:
  • Structural Steel
  • Piping & Equipment
  • Storage Tanks
  • Pressure Vessels
  • Secondary Containment


    Dampney Co., Inc.
    High Temperature Paint

    • Prevent Rust / Corrosion
    • High Build / Hot Apply
    • Custom Colors / VOC-Compliant
    • Offshore/Petro Chem/ Refining/Power Industries
    • Over 90 Years of Experience


    NLB Corporation
    Water Jets in Action

    Video demo shows how
    easily Vortex™ removes
    coatings and more. Lawn-
    mower-style unit strips
    floors, ship decks, etc.
    faster than hand lances,
    while containing debris.


    DeHumidification Technologies
    HUMIDITY PROBLEMS?

    DH Tech has the most innovative and reliable equipment available to
    control humidity efficiently
    and effectively.
    IT'S UNDER CONTROL!

  •  
     
     
    Technology Publishing

    The Technology Publishing Network

    The Journal of Protective Coatings & Linings (JPCL) PaintSquare
    Durability + Design Paint BidTracker JPCL Europe

     
    EXPLORE:      JPCL   |   PaintSquare News   |   Interact   |   Buying Guides   |   Webinars   |   Resources   |   Classifieds
    REGISTER AND SUBSCRIBE:      Free PaintSquare Registration   |   Subscribe to JPCL   |   Subscribe to PaintSquare News
    MORE:      About PaintSquare.com   |   Privacy policy   |   Terms & conditions   |   Site Map   |   Search   |   Contact Us
     

    © Copyright 2000-2014, Technology Publishing / PaintSquare, All rights reserved
    2100 Wharton Street, Suite 310, Pittsburgh PA 15203-1951; Tel 1-412-431-8300; Fax 1-412-431-5428; E-mail webmaster@paintsquare.com